Friday, October 22, 2010

Smith Electric Vehicles busy with new orders, possible merger

KANSAS CITY, MO -- The battery-powered truck maker, Smith Electric Vehicles, has announced its latest deal to deliver 41 of their “Newton” delivery vans to office supply giant Staples. Sold out until mid-2011, the company also penned a deal with Frito-Lay (PepsiCo) last September for 176 vehicles. Other customers include PG&E, AT&T and Coca-Cola.

The medium-duty Newton, made for urban stop-and-go driving, boasts a top speed of 55 mph and can haul over 16,000 pounds of freight. The lithium-ion phosphate battery packs give it a 50 to 120 mile range before recharge. Smith claims a 75% fuel savings over diesel powered vehicles, and without emissions.

Smith was awarded a $32 million grant earlier this year by the U.S. Department of Energy to help offset research and development and President Obama visited the Kansas City plant this past July. Smith has been in negotiations to acquire its UK partner, Smith Electric U.K. (owned by the Tanfield Group), but the deal has evolved into a possible merger.